Whether you’re already selling Medicare Supplements or just starting to look into offering this type of product, there are five simple steps you can take to find more success in your sales. Do you know what they are?
Medicare Supplements are the perfect product for senior health insurance agents to sell. Most don’t require an annual certification and can be sold year-round. Plus, only 34 percent of Medicare beneficiaries are enrolled in a Medicare Advantage plan, meaning 66 percent of Medicare beneficiaries are in Original Medicare and could be eligible for a Med Supp!
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While all of these things make them easy to offer, they don’t make them any easier sell. But we have good news! These are pretty simple products to sell, if you follow these steps.
1. Review Your Carriers' Med Supp Agent Guides
Your carriers' Med Supp Agent Guides, or Agent Underwriting Guidelines, contain a wealth of information that will help you determine if a particular product is the right fit for a certain client, and if so, enroll the client into the plan. Inside most carriers' Med Supp Agent Guides, you’ll find:
- Contact information (e.g., phone numbers, mailing addresses, and fax numbers)
- Policy eligibility and issue guidelines
- How to calculate premiums and household discounts
- Instructions for completing an application
- A list of uninsurable health conditions
- Medication guidelines
- Details on required forms
- Info on other features and extra services
You can download your carriers' Agent Guides through their agent or broker portals.
2. Have the Most Up-to-Date Rate Sheets & Applications
Carriers update their Med Supp rate sheets and applications all the time. It’s extremely important for you to always have the most up-to-date copies of these items to present during appointments, so we recommend getting them straight from the source: carriers’ agent or broker portals.
Why’s it so important to have the most recent copies of these documents? Med Supp plans are standardized, meaning plans with the same letter offer the same benefits, from carrier to carrier and in all states, except Massachusetts, Minnesota, and Wisconsin. The main factor that sets same-lettered plans apart from carrier to carrier is their monthly premiums, or rates. Additionally, submitting an old version of a Med Supp application can lead to a delay in the issuing of the policy. The application may be incomplete or rejected, and you may have to submit more info or the application over again, using the new form.
The main factor that sets same-lettered plans apart from carrier to carrier is their monthly premiums, or rates.
Remember, to pull carriers’ rate sheets and applications frequently. If you need help finding them in a carrier’s agent or broker portal, our expert Sales staff can help!
3. Know If Your Carriers Offer e-Apps & Use Them
We’ve written about the power of Med Supp e-Apps before. In short, using them can help you save time, avoid making mistakes on applications, and simplify what papers you need to pack for appointments. If your carriers offer this tool, use them! With them, you don’t have to worry about having the most up-to-date copy of an application; the e-App uses it!
Find out if your carriers offer e-Apps by logging in to their agent or broker portals! If you don’t see one, you can also contact your Ritter Representative to confirm whether or not a carrier offers this tool.
4. Keep a Copy of Your Carriers' Lists of Approvable & Non-Approvable Drugs on Hand
Many carriers will have lists of medications that are OK for Med Supp applicants to take and medications that disqualify someone from their Med Supp plans. Sometimes, an applicant will not be aware that they have a specific declinable condition, but they will be taking a prescription that may indicate the condition exists. Note, just because an applicant takes a certain medication, does not mean they will automatically be declined for coverage. This should only happen if they are taking the non-approvable drug to treat a condition that’s listed as a disqualifier for coverage by the carrier.
Note: Just because an applicant takes a certain medication, does not mean they will automatically be declined for coverage.
Carriers often include their lists of approvable and non-approvable drugs in their Agent Underwriting Guides. We recommend keeping the lists or Agent Guides bookmarked on your internet browser of choice or printing out copies of them and keeping them with your enrollment materials.
5. Offer a Strong Selection of Plans
It’s never really a good idea to have all your eggs in one basket. You should not only diversify your investments, but also your Med Supp carrier and plan offerings! Different Med Supp carriers and plans will work better for different people. Some will want or need the more comprehensive coverage that a Plan D or G can provide, while others may be better off enrolling in a Plan K, L, M, or N. Additionally, carriers offer their Med Supp plans at different rates, have different underwriting guidelines, and may include unique extra benefits (e.g., SilverSneakers). Prospects may even prefer plans with a certain brand name. The wider the net you can cast, the better the chance you’ll have at catching more clients' attention and business.
Ready to update your Med Supp portfolio? Log in to App.RitterIM.com then visit our contracting page OR contact your Ritter Representative to get a free rundown of the plans that are the most competitive in your local market.
BONUS PIECE OF ADVICE: Download Our Free eBook on This Topic!
If you haven’t already, we recommend that you download and check out our free eBook, The Complete Guide on How to Sell Medicare Supplements! It’s a 52-page guide that takes a deep dive into Medicare Supplements and covers everything you need to know to successfully sell Med Supps. We’re talking:
- Licensing and contracting requirements
- Tips on marketing Med Supps and generating free leads
- How to determine the right carrier and plan type for clients
- The ideal clients for each Med Supp plan type
- The best tools in the industry for quoting and selling Med Supps
- Rules for selling Med Supps and staying compliant
- The 2020 Med Supp changes due to MACRA and the future of Med Supp sales
- FREE Med Supp phone scripts, an underwriting flow chart, a plan comparison chart you can use during appointments, and more!
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Med Supp sales don’t have to be hard. In fact, you could say they’re as easy as having the right paperwork and products on hand. We hope these steps help you prepare for more appointments, more sales, and ultimately, more success with Med Supps!
Looking for carrier contact information or agent/broker portal links? Log in to or register with RitterIM.com to access our Carrier pages with all of this information and more!